Einführung -- Terminologische Grundlegung -- Transaktionsmodell proaktiver und reaktiver Desinvestitionen als Bezugsrahmen -- Theoretische Erklärungsansätze zur Wertsteigerung durch Desinvestitionen -- Ereignisstudien zur Messung des Erfolgs von Desinvestitionen -- Schlussbetrachtung.

This book offers a comprehensive analysis of private equity divestment processes--so-called exits--for European buyouts. Examining the efficiency of exits, it offers recommendations and guidelines for an integrated and exit-oriented private equity portfolio management. In addition, the book...

Over the past two decades, equity carve-outs (ECOs) have become an increasingly popular form of corporate restructuring in Europe. Individual business segments are separated from the parent conglomerate company, and a minority stake is listed on the stock exchange. The parent company thus...

Carolin Decker develops and empirically applies a framework in which business exits serve the purpose of re-establishing a firm s previously harmed legitimacy. Her findings support the idea that legitimacy needs drive the likelihood of fit-enhancing business exits in divesting firms.

Jaroslaw Morawski offers a practicable and theoretically well-founded solution to the problems encountered when investing in illiquid assets and develops a model of the liquidation process for this category of investments. The result is a coherent investment decision framework designed...

Foundations for understanding the divestiture phenomenon under analysis -- Prescriptive design of divestiture decision-making -- Behavioral and institutional factors influencing divesture decisions in practice -- Consolidation of conceptual and theoretical elements into a framework -- Empirical...

The current financial crisis has intensified the discussion around buyouts and the related value creation of financial investors. Richard K. Lenz analyses how LBOs evolve after the financial investors have exited. Based on three case studies of former LBOs in Germany, he shows that performance...

Als Maßnahme zur Sicherung des langfristigen Unternehmenserfolgs werden Desinvestitionen zunehmend als Aufgabe der strategischen Unternehmensführung verstanden. In diesem Kontext stellt sich die Frage, ob und in welcher Form Desinvestitionen von Unternehmensbeteiligungen auch zur Bewältigung...

Grundlagen der Untersuchung -- Konzeptionalisierung und Modellentwicklung -- Methodik und Vorgehensweise der empirischen Untersuchung -- Ergebnisse der empirischen Untersuchung -- Zusammenfassung und Implikationen.